Lafarge reports N115.1bn for Full Year 2019, proposes N1 dividend

Cement maker, Lafarge Africa Plc, has declared a Profit After Tax of N115.104 billion for Full Year 2019 relative to a Loss After Tax of N8.802 billion posted in the same period of 2018

The dramatic recovery was largely buoyed by the proceeds from its discontinued operations, which boosted last year’s profit by N99.587 billion.

“On 24th May 2019, the Board of Lafarge Africa Plc approved the disposal of the Company’s investment in Lafarge South Africa Holdings (Pty) Limited (LSAH) effective 31 July 2019 via a sale of the total equity interest held by the Company in LSAH to Caricement B.V., a related party within the LafargeHolcim Group,” a statement from KPMG, the company’s auditor, reads.

Despite a drop in Lafarge’s Revenue, Cost of Sales rose by N6.346 billion from the FY2018 figure to N157.049 billion, meaning the company spent 4.2% more on its direct cost of doing business last year.

Earnings Per Share from both continuing operations and discontinued operations swung from a negative (N1.05) at FY2018 to N7.15 in FY2019.

Lafarge’s Total Equity surged by 156.9%, climbing up from N134.236 billion at FY2018 to N344.914 billion in the same period last year.